The move is Wonga's first in the developing world, and could herald a new wave of expansion for the consumer finance company as it looks to diversify from its UK base.

Wonga, run by co-founder and chief executive Errol Damelin, has bought a 75pc stake in Nahar Credits Private.

Although the deal is small in financial terms – Wonga paid £3.2m for 75pc of Nahar Credits – it is significant in that it gives the British company access to the Indian market.

Chennai-based Nahar Credits is historically focused on commercial loans to small companies, a business which has now been closed. But its existing licence permits lending to individuals, which will allow Wonga to tap into the country's growing middle classes in need of short-term finance.

Details of the previously undisclosed acquisition were filed in the company's annual accounts. In the document, Wonga confirmed: "The acquired company is authorised as a financial services company in India and will give the group the opportunity to commence operations in India."

Sources close to the company said Wonga was keen to tap into such a large potential marketplace and that Mr Damelin was particularly attracted as a growing percentage of India's urban population are banking online.

However, the same sources noted that Wonga now has offices in 10 different countries and said that no decision on timing had been made for the Indian venture.

It would be the company's sixth country in which it offers consumer lending.

As well as the UK, which remains the mainstay of its business, Wonga now offers short-term loans in South Africa, Canada, Poland and Spain.

As well as geographically, the company has diversified along product lines, offering loans to small businesses and developing an online payment product for retailers. The company made a pre-tax profit of £84.5m in 2012, up 35pc. Lending in the year rose to £1.2bn, up 68p, with turn-over rising 67pc to £309.3m.

The accounts – presented publicly for the first time despite the company's private ownership – showed that Wonga's profits were equivalent to approximately 5p on every pound lent.

In the UK, Wonga lent £1.16bn, up 65pc, with the number of UK loans granted standing at 3.8m.

The company continues to grow despite comments from the Archbishop of Canterbury during the summer, in which he criticised the company's 5,853pc average annualised percentage rate and said that he wanted to put it out of business by setting up a series of national credit unions.